Finding the best 2024 Medicare drug plans can be simple. Medicare Open Enrollment begins October 7, 2023. By then all drug plans will have filed their 2024 prices and coverage details. Use one of the better free online drug plan comparison tools to find the best plan available based on where you live.
Here’s what you need to know about Medicare drug plans for 2024.
- Plans can change (increase) their pricing starting January 1st.
- Drug plans can change what they cover and how much they’ll cover.
- Costs in the catastrophic phase will change.
- The 5% coinsurance requirement for Part D enrollees will be eliminated.
- Plans will pay 20% of total drug costs in this phase instead of 15%.
Free Online Tool Helps You Compare 2024 Medicare Drug Plans
Medicare Open Enrollment begins October 7, 2023. And that is your important chance to review your current drug plan. By then all drug plans will have filed their 2024 costs and coverage changes. Finding the best plan for 2024 can be fast and easy.
Click the link to access a great free Medicare drug online comparison tool.
Enter no personal information. See immediately the plans available in your Zip Code. See costs and coverages. Enter your prescription drug information for even better results.
Medicare Part D Drug Plan Changes
Summary: The 5% coinsurance requirement for Part D enrollees in the catastrophic phase will be eliminated.
In simple terms, this means that out-of-pocket spending for Part D enrollees will be capped. Beginning in 2024, the catastrophic threshold will be set at $8,000. This amount includes what Part D enrollees spend out of pocket plus the value of the manufacturer price discount on brands in the coverage gap phase.
According to information from Kaiser, Part D enrollees who take only brand-name drugs in 2024 will have spent about $3,300 out of their own pocket. And then they will then face no additional costs for their medications.
Who benefits? Seniors who currently pay for high-cost medications. Here is an example for Revlimid, Pomalyst, Imbruvica, Jakafi, and Ibrance, all cancer treatments . The annual out-of-pocket costs per drug in 2023 range from over $11,000 to nearly $15,000. And out-of-pocket costs for each drug in the catastrophic phase alone ranges from around $8,000 to nearly $12,000.
Eliminating the 5% coinsurance requirement in the catastrophic phase in 2024 means that Part D enrollees without LIS who use these or other high-cost medications covered by Part D will see thousands of dollars in savings.
Tips To Find The Best Medicare Drug Plans (2024)
To find the best Medicare drug plan, you should start by making a list of the prescription drugs you take regularly. Then, use the Medicare Plan Finder tool. Click the banner ad on the right hand side of this webpage. See the tool that allows you to enter your zip code, select your drugs, and compare plans based on cost, coverage, and customer satisfaction ratings.
Medicare drug plans can change from year to year. Review your plan annually during the open enrollment period (October 15th to December 7th). Ensure that you are still enrolled in the best plan for your needs.
Additionally, you may want to consider enrolling in a Medicare Advantage plan (Medicare Part C). Most of these plans now include prescription drug coverage. These plans often have lower out-of-pocket costs and may offer additional benefits such as dental and vision coverage.
Overall, finding the best Medicare drug plan requires careful consideration of your individual needs and thorough research using reliable resources such as the official Medicare website.
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